A complete guide to top Forex brokers in Zambia

A common misconception about the countries of the African region is the widespread poverty, income inequality, and unemployment. While it is true that some of the countries still struggle to overcome these challenges, it is also true that many economies are striving and developing at a rapid speed – and Zambia is no exception.

The Republic of Zambia is a landlocked country in the region of Central Africa. The country’s overall territory reaches 752, 618 square kilometers, and borders Tanzania, the Democratic Republic of Congo, Malawi, Mozambique, Botswana, Namibia, and Angola. Although the country still has quite some challenges to overcome, it is already on the way to becoming one of the region’s fastest developing markets.

With the amount of foreign investment inflow and the rapid expansion of the local financial market, it is no surprise that the field of Forex trading is gaining popularity among the local population. Like the Zambian national economy, the local FX market is yet to establish itself and create a working regulatory mechanism, however, it has every potential to do just that.

In this guide, we will have a closer look at some of the best Forex brokers in Zambia and assess whether the local national economy has any specific benefits to offer to the local Forex traders. Moreover, we will examine which payment methods, trading software, and Forex trading bonuses you will be able to access.

A full list of top Forex brokers in Zambia

Finding a reliable brokerage to join is already a hard task, let alone finding one in a country where the Forex market is not fully regulated. Some of the factors that you need to pay attention to are whether or not the broker is officially licensed to offer their services, as well as the efficiency of its trading software and the exposure to the trading assets that it offers to its clients.

In order to spare you hours upon hours of research, we called upon our own team of renowned experts to carry out a complete analysis of the options available in this country and came up with our own lists of the top picks of brokerages operating in Zambia.

Below you will find a complete list of the best Forex brokers in Zambia. You can either use it as a starting point of your own research or simply choose the brokerage from the list that will best be able to cater to your personal trading needs.

XM Group

XM Group Forex Review

Minimum deposit




Maximum leverage


US Clients



An in-depth review of Exness Forex broker

Minimum deposit




Maximum leverage


US Clients


IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD



Maximum leverage


US Clients



Forex.com Review

Minimum deposit

100 currency units



Maximum leverage


US Clients



EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD



Maximum leverage


US Clients



RoboForex Broker

Minimum deposit




Maximum leverage


US Clients


Who can become a Forex trader in Zambia?

As in many other countries in the world, it is relatively easy to become a Forex trader in Zambia. The main legal requirement that you will have to meet is being aged 21 or older. Having met that, you will need to sign up with a brokerage, which will, likely, have its own conditions that you will need to satisfy. They are usually pretty straight forward too, and will usually concern your employment status and the level of income.

Many beginners are wondering whether it is free to join the field of Forex trading. The answer is yes and no at the same time. The process of signing up with a brokerage will not cost you a dime, however, trading Forex is a form of financial investment, which means that you will not be able to access the real market without making a deposit.

The requirements for the minimum initial deposit vary from broker to broker, and on the top Forex brokers list provided earlier, you will find anything from 5 to 500 USD ( or equivalent). You should keep in mind that the minimum deposit threshold is in no way an indicator of the broker’s quality. However, you should also remember to only deposit what you will be comfortable losing.

How is the Zambian FX market regulated?

Having a single overarching regulatory mechanism is the single most important thing that the country can do to ensure the sustainable development and expansion of the local Forex market. Without that in place, no party involved will be completely safe, and without complete security, potential traders might lose trust in the Forex market altogether.

When it comes to the Forex market in Zambia, as mentioned earlier, it is yet to be provided with an efficient regulation. According to the 1996 Bank of Zambia Act and the Banking and Financial Services Act of the Laws of Zambia, the main regulatory body responsible for the local financial sector is the country’s Central Bank – the Bank of Zambia (BOZ).

The main scope of BOZ’s responsibility is the further development of Zambia’s economy, as well as maintenance of the price stability and the overall stability of the financial system. Unfortunately, when is comes to the local Forex trading market, this regulatory body is undertaking a very relaxed approach to its regulation, which means that the market is relatively unsafe for the traders who wish to join it.

However, it does not mean that one should avoid it altogether. There is a large number of international Forex brokers that offer their services to the traders in Zambia. If you choose regulated Forex brokers in Zambia that are licensed by a reputable authority, such as CySEC or FCA, you will not have to worry about the safety of your hard-earned funds.

Payment methods and trading software available in Zambia

As we always mention in our articles in guides, almost 905 of the brokers worldwide prefer to use MetaTrader 4 or MetaTrader 5 trading software. First introduced in 2005 by the Russia-based company MetQuotes, it has since been gaining extreme popularity all over the world, both due to its reliability and efficiency.  Moreover, if you are a beginner, you will be sure to appreciate the fact that there are plenty of educational material to refer to and learn from when it comes to using MT4 or MT5.

Apart from MT4 and MT5, you will probably come across another popular trading software – cTrader, as well as the trading platforms that the brokers develop exclusively for their clients. Many professional traders refer to the trading software as the single most important factor responsible for one’s success in trading, you should always dedicate enough time and effort to determining the best trading platform in Zambia.

As for the payment methods, you will, too, be able to find a variety to choose from. The most popular ones include payments by credit/ debit cards ( Visa, MasterCard), as well as e-Wallets and direct wire transfers. Moreover, in recent years mobile payments have been gaining popularity, as they are both easy to execute and charged with a lesser commission fee. Similarly, you should always take to your time to choose the payment that will both suit you best and will not result in significant losses over the commission fees.

The national economy of Zambia

With a population of a little over 17 million people, Zambia has a GDP of 23.946 billion USD. The country is also ranked 117 out of 128 in terms of economic competitiveness. Having been hit hard by the economic crisis of 2007, Zambia is yet to overcome the challenges of poverty and unemployment, however, it is working very hard towards making a swift economic recovery.

Zambia used to rely heavily on copper mining and export, and after a 30-year decline in the production of this export, the country has taken steps to privatize the industry and increase the production to 337,000 metric tons. In an attempt to diversify the country’s economy, Zambian authorities have also welcomed international companies to prospect for minerals like tin, copper, uranium, and nickel. As a result of such an initiative, the production and exports of nonmetals increased by 25%.

Agriculture is another important sector of Zambia’s national economy, providing a large number of job opportunities for the local population. If you are interested in trading commodities, you will be happy to know that the top brokers in Zambia will be able to meet your demand, and the country’s export will be able to offer you a variety to choose from – tobacco, wheat, chili peppers, and corn. Finally, the tourism sector is developing rapidly in Zambia, as the local wildlife and unique traditions of 73 ethnic groups residing there attract thousands of tourists every year.

What is the national currency of Zambia?

The national currency of Zambia is the Zambian kwacha, coded as ZMW. The currency has been in use since 1966, however, its history is one of serious turmoil. In an attempt to strengthen the ZMW, government authorities have undertaken a number of measures, such as making sure that the international companies investing in the countries would use the local currency instead of the US dollar.

This currency is not very popular among the Forex traders, both within Zambia and elsewhere in the world. On top of its instability and relative weakness, the currency is also grouped under the Exotic, which means that it requires a lot of knowledge and skill from the person who chooses to trade it. If you are only getting started with the field of Forex trading, we recommend that you resort to the Major currency pairs, such as GBP/USD, or USD/EUR.

If you are confident in your trading skills and wish to incorporate the ZMW into your trading portfolio, you can do so by trading it in a pair with the USD. We also suggest that you seek the best Forex brokers in Zambia in 2020, which also accept payments in this currency. By doing that, you will be able to avoid significant losses over the additional commission fees and high exchange rates.

Can you get any bonuses and promotions in Zambia?

Many governmental authorities elsewhere in the world, especially in Europe, prohibit the provision of bonuses and promotions as a form of aggressive marketing. In countries that do undertake such policies, Forex trading is treated as a potentially risky financial enterprise and the authorities do everything in their power to warn and protect people from the dangers that it might entail.

Luckily, when it comes to the best online trading platforms in Zambia, you will be able to benefit from the various bonuses that they offer to their clients. But what are the bonuses that we keep mentioning here?

There are two main types of bonuses that you may find – welcome and refill. Welcome bonuses are issued to the traders who have only just joined a brokerage – either immediately after the registration process is completed, or after the first deposit is made. Often, even the experienced traders seek out a new broker simply to benefit from the welcome bonuses that it may provide.

In turn, the refill bonus is available periodically to the returning customers and is issued as a sign of appreciation for choosing to stay with a certain brokerage. Such bonuses are usually announced in advance by the broker itself, and their sizes depend on the size of the deposit that you make.

Both the refill and the welcome bonuses cannot be withdrawn but can be used by a trader to increase their potential profits. In turn, the provision of bonuses is a good way for a broker to expand its customer base and maintain the existing one.

Should you start trading Forex in Zambia?

Regardless of the number of benefits that one can find in building a career as a Forex trader is important to remember that it can also be quite dangerous, and might even result in a lifetime of debt. In order to help you make the right decision, we have created a shortlist of the main advantages and disadvantages of trading Forex in Zambia. We advise that you familiarize yourself with it before you start searching for the Zambian Forex brokers in 2020.


  • Zambian national economy is recovering rapidly and has the potential to become one of the largest in the region
  • In the absence of a regulatory mechanism, you can trade with very high leverage


  • Since the local Forex market is not regulated, there is a high chance that you might come across a scam

Forex trading in Zambia – The final verdict

As you can tell, there is a lot that the Forex trading market in this country can offer. However, since the market is still developing, it can also be quite dangerous. However, with enough curiosity, and caution you can truly enjoy trading with the best online trading platforms in Zambia.

Our general advice is to go ahead and explore this market, but do not underestimate the importance of the duly homework!